cherrytree.com...TEBS Overview 2 TEBS companies are defined as those that: • Offer a solution, product or service that is delivered or enhanced via technology • Generate revenue

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Technology-Enabled Business Services (TEBS)Quarterly Update – 2020 Q2

TEBS Overview

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TEBS companies are defined as those that:• Offer a solution, product or service that is delivered or enhanced

via technology• Generate revenue primarily from other businesses (“B2B”)• Use their own intellectual property to differentiate their solution

The TEBS 100 is a broad index of 100 publicly-traded companies. The four segments of the TEBS 100 align with the open architecture framework:

• Business Process Services• Software• Information Services• Infrastructure Services

TEBS companies are consistently valued at a premium to the overall market due to fundamental business advantages

• Recurring Revenue• Operating Leverage• High Switching Costs

Cherry Tree Research, The Open Group

Cherry Tree has been tracking trends and activity in the Technology Enabled Business Services (TEBS) space for more than 15 years, including the TEBS 100 index

Valuation Multiples – 6/30/2020TEBS Segment EV/Revenue EV/EBITDA

Software 7.1x 24.3x

Information Services 8.2x 23.3x

Business Process Services 1.9x 15.5x

Infrastructure Services 4.1x 15.8x

S&P 500 3.4x 13.5x

Source: Cherry Tree Research, Capital IQ: 6/30/2020

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TEBS 100

CONFIDENTIAL | Q2 2020

An Index of 100 Publicly-Traded Technology Enabled Business Services Companies

TEBS 100 Index Performance

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3-Year TEBS 100 Performance vs. S&P 500

3-Month TEBS 100 Performance vs. S&P 5001-Year TEBS 100 Performance vs. S&P 500

S&P 500 TEBS 100

• The TEBS 100 index continues to outperform the overall market over a three-year period (112% return vs. 27% return for the S&P 500)

• Over the last twelve months the TEBS 100 had a 25% return, which outperformed the S&P 500 (4% return)


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TEBS 100 Segment Operating Metrics

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• The annual revenue growth of the TEBS 100 index and all four of its segments continue to outperform the S&P 500

• Gross margins for the TEBS 100 are much higher than the median S&P 500 company, allowing for greater operating leverage and potential for higher overall profitability

• However, EBITDA margins continue to lag in comparison to the S&P 500, which is likely due to reinvestment of profits to drive revenue growth


Annual Revenue Growth6/30/2018 6/30/2019 6/30/2020

Software 15.6% 15.2% 16.1% Information Services 12.6% 9.1% 10.4% Business Process Services 7.1% 6.7% 4.5% Infrastructure Services 24.7% 13.3% 6.0%

TEBS 100 13.4% 11.2% 10.6%

S&P 500 7.7% 6.0% 2.3%

Gross Margin

6/30/2018 6/30/2019 6/30/2020

Software 66.5% 67.2% 67.0%

Information Services 63.0% 63.2% 62.5%

Business Process Services 34.8% 34.9% 34.5%

Infrastructure Services 58.4% 59.8% 60.8%

TEBS 100 62.2% 61.9% 60.9%

S&P 500 43.9% 43.3% 44.9%

EBITDA Margin

6/30/2018 6/30/2019 6/30/2020

Software 10.5% 8.0% 8.9%

Information Services 27.0% 26.3% 25.8%

Business Process Services 14.6% 15.0% 15.1%

Infrastructure Services 23.3% 22.9% 22.1%

TEBS 100 14.2% 14.9% 15.8%

S&P 500 22.8% 22.6% 22.3%

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TEBS 100 SEGMENT PERFORMANCESoftwareInformation ServicesBusiness Process ServicesInfrastructure Services


TEBS 100 Companies – Software

7Source: Cherry Tree Research, Capital IQ: 6/30/2020$ in millions

Enterprise LTM Gross EBITDA EV/ RevenueCompany Value Revenue Margin Margin Revenue EBITDA Growth8x8, Inc. $1,880 $446 54.9% -31.3% 4.2x n/m 26.6%

ACI Worldwide, Inc. $4,442 $1,344 50.3% 16.2% 3.3x 20.4x 33.5%

Adobe Inc. $209,149 $12,045 85.6% 36.1% 17.4x n/m 19.3%Allscripts Healthcare Solutions, Inc. $2,077 $1,756 46.4% 4.8% 1.2x 24.7x 0.5%

American Software, Inc. $416 $115 54.7% 12.3% 3.6x 29.4x 6.2%

Appian Corporation $3,477 $279 66.3% -13.7% 12.5x n/m 18.5%

Asure Software, Inc. $113 $72 56.2% -6.2% 1.6x n/m 10.7%

Atlassian Corporation Plc $43,578 $1,518 82.9% 1.1% 28.7x n/m 35.3%

Benefitfocus, Inc. $523 $294 50.6% -4.0% 1.8x n/m 10.9%

Blackbaud, Inc. $3,380 $908 53.4% 11.7% 3.7x 31.9x 5.6%

BlackLine, Inc. $4,472 $307 80.0% -3.5% 14.5x n/m 27.8%

Bottomline Technologies, Inc. $2,259 $440 57.2% 8.3% 5.1x n/m 4.7%

Citrix Systems, Inc. $19,691 $3,152 86.6% 24.6% 6.2x 25.4x 5.2%

Commvault Systems, Inc. $1,472 $671 82.5% 1.8% 2.2x n/m -5.6%

Cornerstone OnDemand, Inc. $2,372 $587 73.2% 4.9% 4.0x n/m 7.6%

Ebix, Inc. $1,391 $576 62.4% 25.8% 2.4x 9.4x 8.1%

Enghouse Systems Limited $2,850 $333 70.5% 27.4% 8.6x 31.3x 32.9%

FireEye, Inc. $2,803 $903 64.7% -11.7% 3.1x n/m 7.2%

Fiserv, Inc. $88,130 $12,454 46.8% 32.2% 7.1x 22.0x 111.6%

Five9, Inc. $7,067 $349 58.8% 3.9% 20.3x n/m 27.5%

Fortinet, Inc. $20,831 $2,261 76.9% 19.3% 9.2x n/m 20.6%

HealthStream, Inc. $596 $250 61.1% 13.7% 2.4x 17.3x 3.5%

HubSpot, Inc. $9,430 $722 80.8% -4.7% 13.1x n/m 31.2%

Intuit Inc. $73,930 $6,857 80.8% 25.4% 10.8x n/m 3.1%

Jack Henry & Associates, Inc. $14,113 $1,680 40.9% 28.1% 8.4x 29.8x 9.3%

Manhattan Associates, Inc. $5,943 $623 53.1% 19.3% 9.5x n/m 8.1%

Mimecast Limited $2,679 $427 74.4% 8.9% 6.3x n/m 25.4%

NextGen Healthcare, Inc. $766 $540 57.1% 5.8% 1.4x 24.3x 2.1%

NIC Inc. $1,330 $360 38.2% 19.0% 3.7x 19.5x 4.9%

NortonLifeLock Inc. $13,739 $2,490 84.2% 33.0% 5.5x 16.7x 1.4%

Enterprise LTM Gross EBITDA EV/ RevenueCompany Value Revenue Margin Margin Revenue EBITDA GrowthOkta, Inc. $24,665 $644 73.2% -27.6% 38.3x n/m 46.0%

Oracle Corporation $200,904 $39,068 79.7% 41.8% 5.1x 12.3x -1.1%

Paycom Software, Inc. $17,661 $780 88.6% 35.8% 22.6x n/m 27.4%

Pegasystems Inc. $8,133 $964 67.3% -11.0% 8.4x n/m 11.0%

Proofpoint, Inc. $6,237 $935 73.3% -3.5% 6.7x n/m 23.4%

PROS Holdings, Inc. $1,813 $261 58.9% -17.9% 7.0x n/m 26.9%

Q2 Holdings, Inc. $4,925 $337 47.0% -13.2% 14.6x n/m 30.7%

QAD Inc. $690 $307 55.9% 0.7% 2.2x n/m -5.5%

RealPage, Inc. $7,534 $1,031 60.9% 16.9% 7.3x n/m 14.2%

salesforce.com, inc. $165,194 $18,226 74.9% 11.3% 9.1x n/m 30.1%

ServiceNow, Inc. $76,591 $3,718 77.6% 10.2% 20.6x n/m 32.4%

Shopify Inc. $111,083 $1,728 54.5% -7.7% 64.3x n/m 46.5%

Splunk Inc. $31,968 $2,368 80.5% -14.0% 13.5x n/m 23.6%

SPS Commerce, Inc. $2,432 $286 67.0% 20.8% 8.5x n/m 11.8%

SS&C Technologies Holdings $21,737 $4,669 44.6% 36.7% 4.7x 12.7x 12.9%

Tecsys Inc. $261 $74 47.6% 7.1% 3.5x n/m 40.1%

Teradata Corporation $2,558 $1,865 51.7% 7.0% 1.4x 19.7x -12.3%The Descartes Systems Group Inc $4,400 $331 73.5% 36.7% 13.3x 36.2x 15.8%

Tyler Technologies, Inc. $13,474 $1,116 47.5% 18.3% 12.1x n/m 16.1%

Upland Software, Inc. $1,350 $242 68.4% 20.2% 5.6x 27.6x 45.2%

Veeva Systems Inc. $33,869 $1,196 72.2% 27.4% 28.3x n/m 31.3%

VMware, Inc. $67,622 $11,095 83.3% 19.6% 6.1x 31.1x 10.3%

Workday, Inc. $43,562 $3,821 70.9% -4.1% 11.4x n/m 26.1%

Workiva Inc. $2,350 $314 72.0% -13.8% 7.5x n/m 23.3%

Zendesk, Inc. $10,242 $872 72.7% -13.3% 11.7x n/m 34.1%

25th Percentile $2,168 $335 54.6% (4.1%) 3.7x 18.4x 6.7%

Median $4,925 $780 67.0% 8.9% 7.1x 24.3x 16.1%

75th Percentile $21,284 $1,811 75.9% 20.5% 12.3x 29.6x 28.9%

Segment Performance – Software

8S&P 500 TEBS Software

1-Year Stock Performance vs. S&P 500

3-Month Stock Performance vs. S&P 500

(58.6%)

(55.7%)

(46.2%)

(43.4%)

(41.9%)

73.9%

77.8%

109.4%

112.5%

211.5%

Top Performers (1-Yr)

Bottom Performers (1-Yr)


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Segment Valuation – Software

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Enterprise Value / LTM Revenue

Enterprise Value / LTM EBITDA

21.3x23.6x

20.1x22.1x 22.5x

20.5x

25.8x 25.9x 25.2x 25.2x 24.6x 24.3x

0.0x

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5.4x 5.5x 5.8x6.5x

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0.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x

Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20


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TEBS 100 Companies – Information Services

Source: Cherry Tree Research, Capital IQ: 6/30/2020$ in millions

Enterprise LTM Gross EBITDA EV/ RevenueCompany Value Revenue Margin Margin Revenue EBITDA GrowthAlteryx, Inc. $10,828 $451 90.6% 7.5% 24.0x n/m 61.4%

CoreLogic, Inc. $7,004 $1,788 51.0% 23.2% 3.9x 16.9x 1.5%

CoStar Group, Inc. $26,689 $1,463 79.7% 29.5% 18.2x n/m 17.4%

Equifax Inc. $24,045 $3,619 57.2% 24.5% 6.6x 27.2x 6.7%

FactSet Research Systems Inc. $12,839 $1,475 53.9% 34.6% 8.7x 25.1x 4.1%

Fair Isaac Corporation $13,069 $1,226 71.1% 25.8% 10.7x n/m 16.5%

Forrester Research, Inc. $723 $467 58.3% 9.5% 1.5x 16.3x 22.8%

Gartner, Inc. $13,793 $4,294 64.0% 15.1% 3.2x 21.3x 7.8%

IHS Markit Ltd. $35,542 $4,340 61.7% 34.5% 8.2x 23.8x 2.1%

Moody's Corporation $56,849 $4,977 72.2% 48.2% 11.4x 23.7x 11.6%

Morningstar, Inc. $6,386 $1,244 58.6% 20.2% 5.1x 25.4x 20.2%

Nielsen Holdings plc $14,074 $6,494 56.1% 17.1% 2.2x 12.7x 0.4%

S&P Global Inc. $84,420 $6,914 73.3% 53.2% 12.2x 22.9x 10.4%

TransUnion $20,115 $2,724 67.3% 37.2% 7.4x 19.9x 13.6%

Verisk Analytics, Inc. $30,743 $2,672 62.5% 40.9% 11.5x 28.1x 9.6%

25th Percentile $11,833 $646 57.8% 18.7% 4.5x 19.1x 4.1%Median $14,074 $1,244 62.5% 25.8% 8.2x 23.3x 10.4%75th Percentile $28,716 $2,724 71.6% 35.9% 11.5x 25.2x 17.4%

Segment Performance – Information Services

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S&P 500 TEBS Information Services

(33.7%)

(31.7%)

(25.9%)

(2.8%)

14.6%

32.0%

38.5%

41.9%

51.5%

58.9%

(40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0%Top Performers (1-Yr)



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Segment Valuation – Information Services

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5.6x 5.2x 5.5x6.0x 6.0x

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15.7x 16.4x17.9x 17.7x

19.2x 20.2x17.5x

20.1x21.9x 21.5x

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TEBS 100 Companies – Business Process Services


Enterprise LTM Gross EBITDA EV/ RevenueCompany Value Revenue Margin Margin Revenue EBITDA GrowthAmdocs Limited $8,036 $4,145 34.8% 19.0% 1.9x 10.2x 2.7%

Automatic Data Processing, Inc. $64,745 $14,757 45.2% 25.0% 4.4x 17.6x 5.8%

Broadridge Financial Solutions, Inc. $17,187 $4,378 27.1% 19.5% 3.9x 20.1x -2.1%

Cass Information Systems, Inc. $407 $162 43.6% 32.5% 2.5x 7.7x 4.5%

Cimpress plc $3,687 $2,727 49.6% 13.3% 1.4x 10.2x 0.7%

Conduent Incorporated $2,214 $4,360 21.6% 10.6% 0.5x 4.8x -15.0%

CSG Systems International, Inc. $1,659 $998 47.1% 16.6% 1.7x 10.0x 8.7%

Exela Technologies, Inc. $1,647 $1,523 20.8% 6.6% 1.1x 16.3x -4.6%

ExlService Holdings, Inc. $2,256 $998 33.8% 14.2% 2.3x 15.9x 9.0%

Genpact Limited $8,489 $3,635 34.5% 15.1% 2.3x 15.5x 16.5%

Global Payments Inc. $59,305 $5,932 55.4% 38.5% 10.0x 26.0x 71.7%

InnerWorkings, Inc. $233 $1,152 22.9% 3.3% 0.2x 6.1x 3.4%

Paychex, Inc. $27,309 $4,041 68.3% 41.3% 6.8x 16.4x 7.1%

PFSweb, Inc. $196 $244 31.3% 4.9% 0.8x 16.5x -5.3%

TTEC Holdings, Inc. $2,596 $1,682 27.6% 12.4% 1.5x 12.4x 10.0%

25th Percentile $1,653 $1,075 27.3% 11.5% 1.2x 10.1x -2.1%Median $2,596 $2,727 34.5% 15.1% 1.9x 15.5x 4.5%75th Percentile $12,838 $4,252 46.2% 22.3% 3.2x 16.4x 9.0%

Segment Performance – Business Process Services

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S&P 500 TEBS Business Process Services

(75.5%)

(73.5%)

(65.8%)

(18.0%)

(15.5%)

(2.5%)

(1.6%)

1.0%

4.3%

62.5%




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Segment Valuation – Business Process Services

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2.3x 2.2x 2.2x 2.3x 2.3x 2.2x

1.6x1.8x

2.0x 2.1x2.3x

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14.7x 15.1x 15.8x 15.5x 15.3x

18.3x

14.6x13.6x

16.2x 15.4x

12.8x10.9x

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TEBS 100 Companies – Infrastructure Services


Enterprise LTM Gross EBITDA EV/ RevenueCompany Value Revenue Margin Margin Revenue EBITDA GrowthAkamai Technologies, Inc. $18,800 $2,951 65.6% 29.5% 6.4x 21.6x 7.2%

Boingo Wireless, Inc. $705 $257 33.0% 28.6% 2.7x 9.6x -0.7%

Box, Inc. $3,388 $717 69.2% -9.1% 4.7x n/m 13.6%

Cogent Communications Holdings, Inc. $4,203 $538 61.6% 33.6% 7.8x 23.3x 4.8%

CyrusOne Inc. $11,650 $1,002 60.8% 50.1% 11.6x 23.2x 17.9%

Endurance International Group Holdings, Inc. $2,228 $1,105 56.8% 24.5% 2.0x 8.2x -2.6%

Equinix, Inc. (REIT) $74,072 $5,565 48.5% 42.6% 13.3x 31.2x 6.0%

F5 Networks, Inc. $8,475 $2,307 83.9% 23.3% 3.7x 15.8x 5.1%

GoDaddy Inc. $13,952 $3,070 65.2% 15.3% 4.5x 29.6x 12.2%

Gogo Inc. $1,269 $821 47.4% 17.2% 1.5x 9.0x -4.7%

GTT Communications, Inc. $4,087 $1,702 44.9% 22.1% 2.4x 10.9x 1.3%

Limelight Networks, Inc. $874 $214 49.6% 4.2% 4.1x n/m 14.7%

Pure Storage, Inc. $3,928 $1,684 69.8% -5.4% 2.3x n/m 17.7%

Tucows Inc. $718 $342 33.4% 14.7% 2.1x 14.2x 4.0%

Wix.com Ltd. $12,924 $803 72.7% -9.1% 16.1x n/m 25.4%

25th Percentile $1,749 $627 48.0% 9.4% 2.4x 10.2x 1.3%

Median $4,087 $1,002 60.8% 22.1% 4.1x 15.8x 6.0%

75th Percentile $12,287 $2,004 67.4% 29.0% 7.1x 23.2x 14.7%

Segment Performance – Infrastructure Services

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S&P 500 TEBS Infrastructure Services

(56.6%)

(27.5%)

(23.5%)

(15.7%)

(6.4%)

30.8%

33.2%

39.1%

79.1%

161.0%




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Segment Valuation – Infrastructure Services

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2.8x3.4x

4.3x 4.5x 4.4x5.0x

3.6x4.1x 4.3x

3.1x3.4x 3.4x

4.1x

0.0x

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3.0x

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Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20

15.0x 15.6x17.3x 17.5x

16.2x18.0x

12.7x

15.6x

11.8x 11.9x 12.4x 12.9x

15.8x

0.0x

5.0x

10.0x

15.0x

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Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20


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M&A ACTIVITY


Select M&A Transactions

20Source: Cherry Tree Research, Capital IQ: 6/30/2020$ in millions

Enterprise EV/ EBITDADate Target Acquirer Value Revenue EBITDA Revenue EBITDA Margin Segment

6/26/2020 CoreLogic, Inc. (NYSE:CLGX) Cannae Holdings, Inc. (NYSE:CNNE) $6,351.5 3.6x 14.5x $1,788.4 $437.4 24.5% Information Services6/25/2020 1Rivet Xalles Financial Services Inc $0.2 - - - - - Business Process Services6/25/2020 Boldon James Ltd HelpSystems, LLC $37.4 3.3x - $11.4 - - Software6/25/2020 Eggplant Keysight Technologies, Inc. (NYSE:KEYS) $330.0 8.7x - $38.0 - - Software6/25/2020 Enhanced Telecommunications Corporation Great Plains Communications LLC - - - - - - Infrastructure Services6/25/2020 PenBay Solutions LLC CarteGraph Systems, Inc. - - - - - - Software6/25/2020 Titus International Inc. HelpSystems, LLC - - - - - - Business Process Services6/25/2020 Vricon, Inc. Maxar Technologies Inc. (NYSE:MAXR) $255.0 4.7x 7.5x $54.0 $34.0 63.0% Software6/24/2020 Benefits Administration Corporation, Inc. Zenith American Holding, Inc. - - - - - - Business Process Services6/24/2020 Fleetsmith, Inc. Apple Inc. (NasdaqGS:AAPL) - - - - - - Software6/24/2020 IDX, LLC Elm Street Technology, LLC - - - - - - Software6/24/2020 Redash, Ltd. Databricks Inc. - - - - - - Software6/24/2020 WorkWise, LLC Aptean, Inc. - - - - - - Software6/23/2020 ActivePDF, Inc. PDFTron Systems Inc. - - - - - - Software6/23/2020 Analytic.li, LLC Novi Group LLC - - - - - - Software6/23/2020 Finicity Corporation Mastercard Incorporated (NYSE:MA) $985.0 - - - - - Information Services6/23/2020 Hatch Loyalty Inc. Stuzo Inc. - - - - - - Software6/23/2020 Triblio, Inc. IDG Communications, Inc. - - - - - - Software6/22/2020 American Safety Council, Inc. Ridgemont Equity Partners - - - - - - Information Services6/22/2020 CMPG, LLC Mitratech Holdings, Inc. - - - - - - Software6/22/2020 Cyber X, Inc. Microsoft Corporation (NasdaqGS:MSFT) - - - - - - Software6/22/2020 Ecrion Software, Inc. MHC Software, LLC - - - - - - Software6/22/2020 NuWave Solutions, LLC AE Industrial Partners, LP - - - - - - Business Process Services6/22/2020 Sweagle ServiceNow, Inc. (NYSE:NOW) - - - - - - Software6/19/2020 Botron Software Solution Ltd Appfire Technologies, Inc. - - - - - - Software6/18/2020 iTexico LLC Improving Holdings, LLC - - - - - - Business Process Services6/18/2020 National Payment Card Association Professional Datasolutions, Inc. - - - - - - Business Process Services6/18/2020 Flightdocs, Inc. Aircraft Technical Publishers, Inc. - - - - - - Software6/17/2020 Applications Technology, Inc. SOS International LLC - - - - - - Software6/17/2020 Counterpoint Software, Inc. Banyan Software Inc - - - - - - Software6/17/2020 Keste, LLC Trinity Hunt Partners, L.P. - - - - - - Business Process Services6/17/2020 LUX Fund Technology & Solutions, Inc. NorthPoint Technology, LLC - - - - - - Software6/17/2020 Productora De Software S.A.S. Perficient, Inc. (NasdaqGS:PRFT) $70.9 2.1x - $33.0 - Business Process Services6/17/2020 Synthesis Technology Corp. Blue Horizon Software Holdings LLC - - - - - - Software6/16/2020 Engagio Inc. DEMANDBASE, INC. - - - - - - Software6/16/2020 Farelogix Inc. Accelya Solutions India Limited (NSEI:ACCELYA) - - - - - - Software

Select M&A Transactions (Cont’d)

21


6/16/2020 O P Solutions, Inc. Anaqua, Inc. - - - - - - Software6/16/2020 Roo, LLC RevGroup Holdings, LLC - - - - - - Information Services6/16/2020 Stack Fintech Inc. Credit Sesame, Inc. - - - - - - Software6/16/2020 Staple Health Inc. Unite US, Inc. - - - - - - Software6/15/2020 Assets of Spanugo Inc. International Business Machines Corporation - - - - - - Business Process Services6/15/2020 CareJourney Onyx Technology LLC - - - - - - Software6/15/2020 Rubikloud Technologies Inc. Kinaxis Inc. (TSX:KXS) $60.0 - - - - - Software6/15/2020 WaveStrike, LLC Novetta Solutions, LLC - - - - - - Business Process Services6/15/2020 Net Element, Inc. (NasdaqCM:NETE) Mullen Technologies, Inc. - - - - - - Business Process Services6/12/2020 BELLIN Treasury International GmbH Coupa Software Incorporated (NasdaqGS:COUP) - - - - - - Software6/11/2020 Cracking Logistics Limited The Descartes Systems Group Inc (TSX:DSG) $12.0 - - - - - Software6/11/2020 Infinidat LTD. Goldman Sachs Private Capital; Ion; TPG Growth - - - - - - Infrastructure Services6/11/2020 Peach Fuzzer, LLC GitLab Inc. - - - - - - Software6/11/2020 SuperFi, LLC Bloom Intelligence LLC - - - - - - Business Process Services6/11/2020 ValueNet Fiber, LLC Cable One, Inc. (NYSE:CABO) - - - - - - Infrastructure Services6/11/2020 XOR 10 LTD GitLab Inc. - - - - - - Software6/10/2020 Client Outlook Inc. Mach7 Technologies Limited (ASX:M7T) $28.3 - - - - - Software6/10/2020 Finjan Holdings, Inc. (NasdaqCM:FNJN) Fortress Investment Group LLC $46.0 2.7x 16.7x $17.0 $2.8 16.3% Business Process Services6/10/2020 Flash Networks Ltd. Volaris Group Inc. - - - - - - Software6/10/2020 Interpreting Technology Cyemptive Technologies, Inc. - - - - - - Business Process Services6/10/2020 PistolStar, Inc. BIO-key International, Inc. (NasdaqCM:BKYI) $2.5 1.5x 5.4x $1.7 $0.5 27.9% Software6/10/2020 Qualtera SAS Synopsys, Inc. (NasdaqGS:SNPS) - - - - - - Software6/10/2020 RetireUp, LLC Tegra118 - - - - - - Software6/10/2020 Agile Data Centres in Maryland and Pennsylvania eSite Systems, LLC - - - - - - Infrastructure Services6/9/2020 Apex Digital Manufacturing Solutions, Inc. Saratech, Inc. - - - - - - Software6/9/2020 EndoVantage, LLC RapidAI - - - - - - Software6/9/2020 Juris Medicus, LLC Trinity Hunt Partners, L.P. - - - - - - Business Process Services6/9/2020 Moore Communications Systems, Inc. CloudScale365, Inc. - - - - - - Infrastructure Services6/9/2020 Proof Network Ventures, Inc. SevenFifty Technologies, Inc. - - - - - - Software6/9/2020 TruePath Technologies, Inc. TVC Albany, Inc. - - - - - - Software6/9/2020 Mapcom Systems LLC VertiGIS Ltd. - - - - - - Software6/8/2020 Lucid Perspectives LLC E3 Federal Solutions, LLC - - - - - - Business Process Services6/8/2020 Robocom US LLC CAI Software LLC - - - - - - Software6/8/2020 Zodiac Systems Inc. Orion Systems Integrators, LLC - - - - - - Software6/8/2020 Target Data, Inc. Aisle Rocket, Inc. - - - - - - Software6/4/2020 Easy Storage Solutions, LLC Storable, Inc. - - - - - - Software



22


6/4/2020 Guardian Analytics, Inc. Actimize Inc. - - - - - - Software6/4/2020 Lastline, Inc. VMware, Inc. (NYSE:VMW) - - - - - - Infrastructure Services6/4/2020 United States Appraisals, LLC Stewart Information Services Corporation - - - - - - Information Services6/3/2020 BestWeb Corporation TVC Albany, Inc. - - - - - - Infrastructure Services6/3/2020 Cerner RevWorks, LLC R1 RCM Inc. (NasdaqGS:RCM) $30.0 - - - - - Business Process Services6/3/2020 Five Talent Software, Inc. Effectual Inc. - - - - - - Business Process Services6/3/2020 NoteVault Inc. Bentley Systems, Incorporated - - - - - - Software6/3/2020 Privo Corporation Navisite, LLC - - - - - - Business Process Services6/3/2020 Spotinst LTD. NetApp, Inc. (NasdaqGS:NTAP) - - - - - - Infrastructure Services6/3/2020 VIncodo, LLC HomeServe USA Corp. - - - - - - Business Process Services6/2/2020 Blue Stream Fiber GI Partners, LLC - - - - - - Infrastructure Services6/2/2020 Exostar LLC Thoma Bravo, LLC - - - - - - Software6/2/2020 MyPurchasingCenter Buyers Meeting Point, LLC. - - - - - - Information Services6/2/2020 Onion ID, Inc. Thycotic Software Ltd. - - - - - - Software6/2/2020 Paraleap Technologies, LLC Netreo, Inc. - - - - - - Software6/2/2020 PastureMap, Inc. Soilworks Natural Capital - - - - - - Software6/2/2020 Quality In Real Time, Inc. McBee Associates, Inc. - - - - - - Business Process Services6/2/2020 ScanData Systems, Inc. Transplace Inc. - - - - - - Software6/2/2020 SovLabs, LLC CloudBolt Software, Inc. - - - - - - Infrastructure Services6/2/2020 Statistical Solutions Ltd. Insightful Science, LLC - - - - - - Software6/2/2020 Trade Alert, LLC Cboe Global Markets, Inc. (BATS:CBOE) - - - - - - Information Services6/2/2020 QuadPay, Inc. Zip Co Limited (ASX:Z1P) $375.0 - - - - - Business Process Services6/1/2020 AgileRates, LLC Excel Impact, LLC - - - - - - Information Services6/1/2020 IV4, Inc. ProArch IT Solutions Ltd - - - - - - Business Process Services6/1/2020 Portfolio of 13 Data Centers Across Canada Equinix, Inc. (REIT) (NasdaqGS:EQIX) $765.5 - - - - - Infrastructure Services6/1/2020 Virtual Enterprises, Inc. Sirius Computer Solutions, Inc. - - - - - - Infrastructure Services

5/30/2020 Tel West Network Services Corporation Intermax Networks - - - - - - Infrastructure Services5/29/2020 Advocate Solutions, LLC KSM Consulting, LLC - - - - - - Business Process Services5/29/2020 Aptys Solutions, LLC Catalyst Corporate Federal Credit Union - - - - - - Software5/29/2020 Cutter Information Corp. Dehon, Inc. - - - - - - Information Services5/29/2020 Homebot, Inc. ASG II, LLC ; ASG, LLC - - - - - - Software5/29/2020 Level 11 LLC Launch Consulting Group - - - - - - Business Process Services5/29/2020 Truelearn, LLC LLR Partners Inc. - - - - - - Information Services5/28/2020 Blockgraph, LLC Charter Communications, Inc.; ViacomCBS Inc. - - - - - - Infrastructure Services5/28/2020 DoubleBeam Inc. The OLB Group, Inc. (OTCPK:OLBG) - - - - - - Business Process Services5/28/2020 Edgewise Networks, Inc. Zscaler, Inc. (NasdaqGS:ZS) $31.0 - - - - - Infrastructure Services



23


5/28/2020 Skimbit Ltd Connexity, Inc. - - - - - - Software5/28/2020 ThousandEyes, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) - - - - - - Software5/27/2020 Apirise, Inc. RudderStack, Inc. - - - - - - Infrastructure Services5/27/2020 Merchant accounts of LucentPay Base Commerce, LLC - - - - - - Business Process Services5/26/2020 Atsource Solutions Inc. Dye & Durham Corporation - - - - - - Software5/26/2020 Managed Detection Business of UnitedLex Ankura Consulting Group, LLC - - - - - - Business Process Services5/26/2020 NG-911 Inc. Comtech Telecommunications Corp. $1.2 - - - - - Infrastructure Services5/26/2020 Pointman LLC ServiceTitan, Inc. - - - - - - Software5/25/2020 T4G Limited MNP LLP - - - - - - Business Process Services5/21/2020 Connexas Group Limited AddSecure - - - - - - Software5/21/2020 Cyber Fusion Services LLC Exelegent - - - - - - Business Process Services5/21/2020 Cytegic Ltd Mastercard Incorporated (NYSE:MA) - - - - - - Software5/21/2020 Entreda Corporation, Inc. Smarsh, Inc. - - - - - - Software5/21/2020 Faulkner Media Group, LLC Aurora Capital Partners - - - - - - Software5/21/2020 we.trade Innovation DAC International Business Machines Corporation - - - - - - Business Process Services5/20/2020 Arctic MSP, Inc. Saalex Information Technology, Inc. - - - - - - Infrastructure Services5/20/2020 Assets of Communications Products, Inc. Avtex Solutions, LLC - - - - - - Business Process Services5/20/2020 Born In The Cloud LLC Open Systems - - - - - - Infrastructure Services5/20/2020 Remodeling.com LLC PaySimple, Inc. - - - - - - Information Services5/20/2020 Rivet Networks LLC Intel Corporation (NasdaqGS:INTC) - - - - - - Infrastructure Services5/19/2020 Cyberbit Ltd. Charlesbank Capital Partners, LLC $48.0 - - - - - Software5/19/2020 Pixel Labs, LLC Assembly - - - - - - Software5/19/2020 Softomotive Ltd. Microsoft Corporation (NasdaqGS:MSFT) - - - - - - Software5/19/2020 SwervePay Health Ontario Systems, LLC - - - - - - Business Process Services5/19/2020 Time Rack, Inc. Timecentric Inc. - - - - - - Software5/19/2020 Triact Canada Marketplace LP Cboe Global Markets, Inc. (BATS:CBOE) - - - - - - Information Services5/19/2020 TUNE, Inc. Perseus Operating Group - - - - - - Software5/19/2020 VIZIYA Corp. Prometheus Group Enterprises, LLC $35.9 - - - - - Software5/18/2020 Enterprise Information Services, Inc. Cognosante, LLC - - - - - - Business Process Services5/18/2020 Substantially All of the Assets of Darwin CX Inc. Irish Studio, LLC $5.4 - - - - - Software5/18/2020 Trade Area Systems, Inc. Kalibrate Technologies Limited - - - - - - Software5/16/2020 AstraQube Technologies LLC Taazaa Inc. - - - - - - Business Process Services5/15/2020 Logical Images, Inc. Coverys Inc. $12.8 - - - - - Software5/14/2020 Ecessa Corporation Communications Systems, Inc. (NasdaqGM:JCS) $4.0 - - - - - Infrastructure Services5/14/2020 Inviacom, Inc. Single Digits, Inc. - - - - - - Infrastructure Services5/14/2020 Metaswitch Networks Ltd. Microsoft Corporation (NasdaqGS:MSFT) - - - - - - Infrastructure Services



24


5/14/2020 Reply, Inc. Kustomer, Inc. - - - - - - Software5/13/2020 Assets of Artivest Holdings, Inc. Institutional Capital Network, Inc. - - - - - - Information Services5/13/2020 Denim Labs, Inc. Gremln, Inc. (nka:Denim Social) - - - - - - Software5/13/2020 IDaptive, LLC CyberArk Software Ltd. (NasdaqGS:CYBR) $70.0 - - - - - Infrastructure Services5/13/2020 Octarine, Inc. VMware, Inc. (NYSE:VMW) - - - - - - Infrastructure Services5/13/2020 PKWARE, Inc. Thompson Street Capital Partners - - - - - - Software5/13/2020 SpaceIQ LLC ARCHIBUS, Inc. ; Serraview Australia Pty Ltd - - - - - - Software5/12/2020 Fiber Assets of Resurgence Infrastructure Group Interconnect Miami LLC - - - - - - Infrastructure Services5/12/2020 Halp, Inc. Atlassian, Inc. - - - - - - Software5/12/2020 IdeaConnection Ltd. Planbox Inc. - - - - - - Software5/12/2020 SharesPost, Inc. Forge Global, Inc. $160.0 - - - - - Information Services5/12/2020 StanSource Inc. Stellar IT Solutions, Inc. - - - - - - Business Process Services5/12/2020 TimeTrade Systems, Inc. Clearhaven Partners LP - - - - - - Software5/11/2020 Alternative Communication Services Access Innovation Media Pty Limited - - - - - - Infrastructure Services5/11/2020 BuildTools, Inc. ECi Software Solutions, Inc. - - - - - - Software5/11/2020 Riptide Software, Inc. Phoenix Logistics, Inc. - - - - - - Software5/11/2020 SeniorHousingNet.com Caring, LLC - - - - - - Information Services5/11/2020 Sequential Technology International, LLC AP Capital Partners, L.L.C. - - - - - - Business Process Services5/11/2020 Sonru Limited Modern Hire, Inc. - - - - - - Software5/11/2020 Swissbit AG Ardian - - - - - - Infrastructure Services5/11/2020 VisTracks, Inc. Omnitracs, LLC - - - - - - Software5/8/2020 Integrated Computer Solutions, Inc. ClearLight Partners LLC - - - - - - Business Process Services5/8/2020 Panzura, Inc. Profile Capital Management LLC - - - - - - Infrastructure Services5/7/2020 A4D, Inc. The Social Chain AG (DB:PU11) - - - - - - Business Process Services5/7/2020 AppExtremes, LLC Apttus Corporation - - - - - - Software5/7/2020 Business operations of Jump Neutron Holdings, Inc. - - - - - - Infrastructure Services5/7/2020 Certain Assets of Hostlabs HostPapa, Inc. - - - - - - Infrastructure Services5/7/2020 Jeeng Ltd PowerInbox, Inc. - - - - - - Software5/7/2020 Keybase, Inc. Zoom Video Communications, Inc. (NasdaqGS:ZM) - - - - - - Software5/7/2020 Pilot Power Group, LLC Boyne Capital Partners, LLC - - - - - - Business Process Services5/7/2020 Project-Management.com TechnologyAdvice, LLC - - - - - - Business Process Services5/7/2020 Rootworks, LLC Right Networks, LLC - - - - - - Business Process Services5/7/2020 VennScience LLC PUREFACTS FINANCIAL SOLUTIONS INC. - - - - - - Software5/6/2020 AdvisorEngine, Inc. Franklin Resources, Inc. (NYSE:BEN) $20.0 - - - - - Software5/6/2020 DartPoints, LLC Astra Capital Management LLC - - - - - - Infrastructure Services5/6/2020 Excelity Global Solutions Pte Ltd. Ceridian HCM Holding Inc. (NYSE:CDAY) - - - - - - Business Process Services



25


5/6/2020 HarvestMark Business of Trimble Inc. iFoodDecisionSciences, Inc. - - - - - - Software5/6/2020 PPC Scope LLC Canopy Management, LLC - - - - - - Software5/6/2020 WaterSmart Software, Inc. The Vertex Group - - - - - - Software5/6/2020 SUPPLY CHAIN SERVICES LLC Sole Source Capital LLC - - - - - - Software5/5/2020 Callisto Integration Corporation Accenture plc (NYSE:ACN) - - - - - - Business Process Services5/5/2020 Collaborative Solutions, LLC Cognizant Technology Solutions Corporation $385.0 - - - - - Business Process Services5/5/2020 Covideo LLC Triangle Digital Ventures - - - - - - Software5/5/2020 Foster Moore Limited Teranet Inc. - - - - - - Information Services5/5/2020 On-Time Payroll Services LLC Divirgilio Insurance Agency, Inc. - - - - - - Business Process Services5/5/2020 SAP Digital Interconnect Sinch AB (publ) (OM:SINCH) $243.1 0.7x 14.6x $367.4 $16.6 4.5% Business Process Services5/5/2020 Taxweb Software De Compliance Fiscal S/A Sovos Compliance Desenvolvimento de Sistemas - - - - - - Software5/5/2020 Total Computing Solutions, LLC Zumasys, Inc. - - - - - - Software5/5/2020 V2P2 LLC Strategic Pharmaceutical Solutions Inc. - - - - - - Software5/4/2020 Catena Technologies Pte Ltd. IHS Markit Ltd. (NYSE:INFO) - - - - - - Information Services5/4/2020 ConnXus, Inc. Coupa Software Incorporated (NasdaqGS:COUP) - - - - - - Software5/4/2020 Cumulus Networks, Inc. NVIDIA Corporation (NasdaqGS:NVDA) - - - - - - Infrastructure Services5/4/2020 eRx Network, LLC Change Healthcare Inc. (NasdaqGS:CHNG) $212.9 - - - - - Business Process Services5/4/2020 Intel365, Inc. Xalles Technology Inc. - - - - - - Information Services5/4/2020 Lifeguard Solutions, Inc. ComplianceQuest, Inc. - - - - - - Software5/4/2020 Moovit App Global Ltd. Mobileye N.V. $900.0 - - - - - Software5/4/2020 Personali Ltd. Namogoo Technologies Ltd. - - - - - - Software5/4/2020 Pixology ltd. Oracle Corporation (NYSE:ORCL) $0.9 - - - - - Software5/4/2020 Street Smart LLC FivePoint Solutions LLC - - - - - - Software5/4/2020 ClearAg and ClearPath Weather of Iteris, Inc Telvent DTN, LLC $12.0 - - - - - Software5/1/2020 Corcentric, LLC Bregal Sagemount $80.0 - - - - - Software5/1/2020 Risk Assessment Business of Pendulum BRP Group, Inc. (NasdaqGS:BRP) - - - - - - Software5/1/2020 Vergent, LLC Meriplex Communications Ltd. - - - - - - Infrastructure Services

4/30/2020 BrandVerity, Inc. Performance Horizon Group Limited - - - - - - Software4/30/2020 Innovest Systems, LLC SS&C Technologies, Inc. $120.0 - - - - - Software4/30/2020 Kalkomey Enterprises, LLC Cove Hill Partners, L.P. - - - - - - Software4/30/2020 SYAXL LLC Pear Metrics Solutions Corp. - - - - - - Business Process Services4/29/2020 Aimia's Loyalty Solutions business Kognitiv Corporation - - - - - - Business Process Services4/29/2020 Cloud Jumper Corporation NetApp, Inc. (NasdaqGS:NTAP) - - - - - - Infrastructure Services4/29/2020 Imperial Marketing, Inc. Banyan Technologies Group - - - - - - Business Process Services4/29/2020 incapptic Connect GmbH MobileIron, Inc. (NasdaqGS:MOBL) $5.9 - - - - - Software4/28/2020 Armadillo Insight, LLC Financial Information Technologies, LLC - - - - - - Information Services



26


4/28/2020 Avalution Consulting LLC Assurance Software, Inc. - - - - - - Infrastructure Services4/28/2020 Channel Blend Inc. Delaware Nation Investments - - - - - - Business Process Services4/28/2020 DivvyCloud Corporation Rapid7 LLC $145.0 - - - - - Software4/28/2020 Docupace Technologies, Inc. FTV Capital - - - - - - Software4/28/2020 Dolphin Debit, LLC Euronet Worldwide, Inc. (NasdaqGS:EEFT) - - - - - - Business Process Services4/28/2020 Ebates, Inc. eCommerce enablers Pte Ltd - - - - - - Business Process Services4/28/2020 GSX Participations SA Martello Technologies Corporation $13.3 2.8x 11.2x $4.7 $1.2 25.2% Business Process Services4/28/2020 Neutrona Networks International LLC Transtelco Holding, Inc. - - - - - - Infrastructure Services4/28/2020 RxPrep, Inc. UWorld, LLC - - - - - - Information Services4/28/2020 Tekmark Global Solutions LLC Orion Systems Integrators, LLC - - - - - - Business Process Services4/27/2020 Axxa Fintech Solutions, UAB Lock Trust, Inc. - - - - - - Business Process Services4/27/2020 Computex Technology Solutions American Virtual Cloud Technologies, Inc. - - - - - - Infrastructure Services4/27/2020 Flueid Software Corporation Aquiline Capital Partners LLC - - - - - - Software4/27/2020 TrueCoach Transaction Services Holdings Limited - - - - - - Software4/27/2020 Money Mailer Local Marketing Solutions Group Inc. - - - - - - Business Process Services4/25/2020 BaseHealth, Inc. Genalyte, Inc. - - - - - - Software4/24/2020 Aquario Design FOG Software Group - - - - - - Software4/23/2020 Empyr, Inc. Augeo CLO, Inc. ; Valor Siren Ventures I LP - - - - - - Software4/23/2020 iTeract Inc Cogeco Communications Inc. (TSX:CCA) - - - - - - Infrastructure Services4/23/2020 RANIOT Technologies Oy (Ltd) Skylo Technologies, Inc. - - - - - - Software4/23/2020 RoiKoi Terminal Inc. - - - - - - Information Services4/23/2020 StorExcel, LLC Chesapeake Systems, Inc. - - - - - - Business Process Services4/23/2020 Valeo Networks Inc. Saalex Corp - - - - - - Business Process Services4/22/2020 AdStage, Inc. TapClicks, Inc. - - - - - - Software4/22/2020 Assets and Operations of Gateway Payments, LLC Payroc LLC - - - - - - Business Process Services4/22/2020 Information Strategies, Inc. Sylogist Ltd. (TSXV:SYZ) $2.5 0.6x - $3.9 - - Business Process Services4/22/2020 Interwork Technologies Inc. Lifeboat Distribution, Inc. $6.1 - - - - - Business Process Services4/22/2020 Leading Edge Payroll and HR Solutions, LLC G&A Partners, Inc. - - - - - - Business Process Services4/22/2020 Miner & Kasch LLC Atos SE (ENXTPA:ATO) - - - - - - Business Process Services4/22/2020 Voci Technologies Incorporated Medallia, Inc. (NYSE:MDLA) $59.0 - - - - - Software4/22/2020 Work Technology Corporation Prometheus Group Enterprises, LLC - - - - - - Software4/21/2020 20|20 Research, Inc. Schlesinger Group, Inc. - - - - - - Software4/21/2020 Alligator Computer Systems, Inc. HealthChampion Partners, LLC - - - - - - Software4/21/2020 NextIOT ApS (nka:ei3 Denmark ApS) ei3 Corporation - - - - - - Infrastructure Services4/21/2020 Sustainalytics B.V. Morningstar, Inc. (NasdaqGS:MORN) $186.9 - - - - - Information Services4/21/2020 ObjectSharp Corporation CentriLogic, Inc. - - - - - - Business Process Services



27


4/20/2020 Glow Networks, Inc. Altruist Technologies Private Limited - - - - - - Business Process Services4/20/2020 nexVortex, Inc. BCM One, Inc. - - - - - - Infrastructure Services4/20/2020 Prolog Partners, LLC Century Park Capital Partners, LLC - - - - - - Business Process Services4/17/2020 OptiTex Ltd. FOG Software Group - - - - - - Software4/17/2020 Paladin, LLC MVB Bank, Inc. - - - - - - Information Services4/17/2020 Reaction Commerce, Inc. The Rocket Science Group, LLC - - - - - - Software4/17/2020 Substantially All of the Assets of Cascadeo Globe Telecom, Inc. (PSE:GLO) $200.0 - - - - - Business Process Services4/16/2020 Accelalpha Inc. Century Park Capital Partners, LLC - - - - - - Business Process Services4/16/2020 Aurigo Software Technologies, Inc. Autodesk, Inc. (NasdaqGS:ADSK) - - - - - - Software4/16/2020 Blue Jeans Network, Inc. Verizon Enterprise Solutions, LLC - - - - - - Infrastructure Services4/16/2020 Closers’ Choice LLC AccuTitle, LLC - - - - - - Software4/16/2020 Syncurity Corporation Swimlane, Inc. - - - - - - Infrastructure Services4/15/2020 Arxan Technologies, Inc. Digital.ai Software, Inc. - - - - - - Infrastructure Services4/15/2020 PerfectMind Inc. Transaction Services Holdings Limited - - - - - - Software4/14/2020 Knight Enterprises, Inc. Mill Point Capital LLC - - - - - - Infrastructure Services4/14/2020 Kwantek, LLC TEAM Software, Inc. - - - - - - Software4/14/2020 RocketBuild LLC Recruit Rooster - - - - - - Business Process Services4/9/2020 Avira Holding GmbH & Co. KG Investcorp Technology Partners IV L.P. $180.0 - - - - - Business Process Services4/9/2020 Breadware, Inc. StoneAge Inc. - - - - - - Information Services4/8/2020 Atavium, Inc. Quantum Corporation (NasdaqGM:QMCO) - - - - - - Infrastructure Services4/8/2020 CIGNA Software Sciences Fidelity Information Services, LLC - - - - - - Software4/8/2020 Freeparking Domain Registrars Inc. Namesco Limited - - - - - - Infrastructure Services4/8/2020 IdealSeat, Inc. BandwagonFanClub Inc. - - - - - - Software4/8/2020 Impressed Inc. Link-Asia International Co. Ltd. (SEHK:1143) - - - - - - Software4/8/2020 Performance Livestock Analytics, Inc. Zoetis Inc. (NYSE:ZTS) - - - - - - Software4/8/2020 Skysis, LLC Fishawack Limited - - - - - - Business Process Services4/8/2020 SVM, LP Blackhawk Network Holdings, Inc. - - - - - - Business Process Services4/7/2020 DBS DX, LLC Employer Management Solutions, Inc. - - - - - - Business Process Services4/7/2020 Duo Consulting, Incorporated Mediacurrent LLC - - - - - - Business Process Services4/7/2020 Farmington Company Aon Plc (NYSE:AON) - - - - - - Business Process Services4/7/2020 FlashBanc, LLC Celero Commerce LLC - - - - - - Business Process Services4/7/2020 Forty 7 Ronin, Inc. Waterfield Technologies, Inc. - - - - - - Business Process Services4/7/2020 Galileo Processing, Inc. Social Finance, Inc. $1,200.0 - - - - - Software4/7/2020 KeyNexus Inc. StorMagic Ltd. - - - - - - Infrastructure Services4/7/2020 Meelogic Consulting AG GlobalLogic Inc. - - - - - - Business Process Services4/7/2020 Mintz Group, Inc. ICV Partners, LLC - - - - - - Business Process Services



28


4/7/2020 Next Generation Data Ltd Vantage Data Centers, LLC - - - - - - Infrastructure Services4/7/2020 Revolutionary Security LLC Accenture plc (NYSE:ACN) - - - - - - Business Process Services4/6/2020 Excivity, Inc. The Aegis Technologies Group, Inc. - - - - - - Software4/6/2020 Factual Inc. Foursquare Labs, Inc. - - - - - - Information Services4/6/2020 Fluidmesh Networks LLC Cisco Systems, Inc. (NasdaqGS:CSCO) - - - - - - Infrastructure Services4/6/2020 Registry Business of Neustar, Inc. GoDaddy Inc. (NYSE:GDDY) - - - - - - Infrastructure Services4/6/2020 VidGrid Inc. Paylocity Holding Corporation (NasdaqGS:PCTY) - - - - - - Software4/3/2020 DataFile Technologies LLC ScanSTAT Technologies, LLC - - - - - - Software4/3/2020 Lead Docket LLC Filevine, LLC - - - - - - Software4/3/2020 Voysis Limited Apple Inc. (NasdaqGS:AAPL) - - - - - - Software4/2/2020 Agosto, Inc. Pythian Services Inc. - - - - - - Infrastructure Services4/2/2020 Dropmodel HouseCanary, Inc. - - - - - - Software4/2/2020 Echo Daily, Inc. VizyPay, LLC - - - - - - Business Process Services4/2/2020 Lixoft SAS Simulations Plus, Inc. (NasdaqCM:SLP) $16.5 - - - - - Software4/2/2020 Virtual Properties, Inc. Constellation Web Solutions, Inc. - - - - - - Software4/2/2020 Yesler, Inc. Accenture plc (NYSE:ACN) - - - - - - Business Process Services4/2/2020 Collabtech Group Knox Capital Management LLC - - - - - - Infrastructure Services4/1/2020 Evans Communications Inc. ON Advertising, Inc. - - - - - - Infrastructure Services4/1/2020 Linearhub Inc. Smile Family, Inc. - - - - - - Infrastructure Services4/1/2020 MassDeploy, LLC Business Technology Partners, Inc. - - - - - - Business Process Services4/1/2020 SRDS, Inc. Adwanted SAS - - - - - - Information Services4/1/2020 UpCounsel, Inc. Enduring Ventures - - - - - - Information Services


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ABOUT CHERRY TREE & ASSOCIATES


Cherry Tree & Associates Overview

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Cherry Tree & Associates provides a broad array of M&A advisory services to owner-operators, private equity firms, corporations, management teams and public companies.

Based on over 30 years of growing and advising hundreds of entrepreneurial companies Been advisor or principal in more than 300 transactions Completed over $3 billion in transactions in the past 10 years Expertise in multiple industries Experience completing transactions globally Cherry Tree professionals have closed deals with leading private equity and venture capital firms 13 M&A professionals

Sell-side Advisory Recapitalizations Non-core Divestitures Management-led Buyouts Buy-side Advisory

M&A Services Highlights

Sell-side Advisory Buy-side AdvisoryRecapitalizationsManagement-led

Buyouts

RECENT M&A ENGAGEMENTSNon-core

Divestitures

TEBS Expertise

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SELECT TRANSACTIONSCherry Tree has been tracking trends and activity in the Technology Enabled Business Services (TEBS) space for more than 15 years. TEBS companies are defined as those that:

• Offer a solution, product or service that is delivered or enhanced via technology

• Generate revenue primarily from other businesses (“B2B”)• Use their own intellectual property to differentiate their

solution

Cherry Tree TEBS Team

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Mik GuseniusDirector

Elmer BaldwinSenior Executive Director

Joined Cherry Tree & Associates in 2007 Over 10 years of middle market investment banking experience Completed more than 30 M&A transactions totaling more than $1 billion of transaction value B.A., Economics, Gustavus Adolphus College M.B.A., University of Minnesota – Carlson School of Management

Joined Cherry Tree & Associates in 2015 Previously the President and CEO of five information technology companies (20 years) Strategic advisor and consultant to over 100 companies over last 30+ years Experience working with publicly-traded companies, private-equity syndicates, and owner-operator situations B.B.A., Finance, Loyola Marymount University

Each of our senior investment bankers has many years of transaction experience as either an operating executive or private equity professional, in addition to deep investment banking experience.

Dave LatzkeManaging Partner

Joined Cherry Tree & Associates in 2007 Previously the CFO for two publicly-traded enterprise software companies (13 years) Previously with Arthur Andersen (11 years) B.A., Accounting, University of Northern Iowa Certified Public Accountant (inactive)

Merritt JackleyVice President

Joined Cherry Tree & Associates in 2019 Has 7 years of investment banking experience and has completed over 20 M&A transactions Previously with Vermillion Capital in Minneapolis and Keefe, Bruyette & Woods (A Stifel Company) in New York B.A., History, Colgate University

Tom AstrupAssociate

Joined Cherry Tree & Associates in 2019 Previous audit and transaction advisory experience with PricewaterhouseCoopers and Dixon Hughes Goodman B.S., Finance and Accounting, University of Minnesota – Carlson School of Management Certified Public Accountant (inactive)

Important Disclosures

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The information included in this publication has been obtained from public sources, and is not based upon private or confidential Cherry Tree information. Cherry Tree gathers its data from sources itconsiders reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authorsand are subject to change. Cherry Tree makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. Officers, directors, partners ofCherry Tree and Cherry Tree proprietary investment funds may have positions in the securities of the companies discussed, and certain affiliates of Cherry Tree may recommend to specific clients thepurchase and sale of securities discussed in the publication. This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not beconstrued as such. Cherry Tree or its affiliates may from time to time provide investment banking or related services to these companies. Like all Cherry Tree employees, the authors of this publicationreceive compensation that is affected by overall firm profitability. We undertake no obligation to update any information in this publication.

The TEBS 100 Index is a hypothetical index, and does not reflect an actual investment portfolio. Comparisons between the TEBS 100 Index and other indices are for illustrative purposes only. Correlationsin performance information for the TEBS 100 Index and other indices should not be relied upon as indicative of risks involved in owning or holding a portfolio of securities similar to the TEBS 100 Index.Past performance should not be relied upon as indicative of future performance.

cherrytree.com...TEBS Overview 2 TEBS companies are defined as those that: • Offer a solution, product or service that is delivered or enhanced via technology • Generate revenue

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